Allowed

Bank of India v. M/S. Be Real Bevarages

DRT22 Apr 2024OA/43/2024

Case brief

AI extract

What is this about?

This order allowed an original application filed by Bank of India for the recovery of loans including cash credit, GECL, FITL, and car loan accounts totaling approximately Rs. 1.2 crore from two respondents who defaulted on repayments and executed security documents which later became NPAs.

What did the court decide?

The respondents are ordered to jointly and severally pay Rs. 1,20,59,975/- with interest; the bank is entitled to proceed against mortgaged property/party properties.

Bank of India versus M/S. Be Real Bevarages — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 22ND DAY OF APRIL'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.43 of 2024

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Between:

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Bank of India, Malakpet branch, Malakpet, Saidabad mandal, Hyderabad district - 36. Represented by its constituted Attorney Sri T. Jagannadhamn

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Applicant

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VERSUS

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M/s. Be Real Beverages, Represented by its prop'rietor Mr. Mohammed Ali Akber, Regd office D.No. 18-1-350/ L2/ A/95, Pool bagh, Chandrayanagutta, Hyderabad and at H. No.1B- 1-337 /C/t9/AlL, Uppuguda, Sai Baba nagar, Hyderabad.

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Mr. Mohammed Ali Akber, s/o Mohammed Ameer Ali, aged 39 years, occ: business, R/o H.No. 18-8-589/75, LCH, Kumarwadi colony, Edi bazar, Hyderabad - 23.

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Defenda nts

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Counsel for the Parties:

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For the Applicant Brahma Reddy For the Defendants

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(OA.No.43 of 2024)

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.1,20,59,975l- (Rupees One Crore Twenty Lakhs Fifty Nine thousand Nine hundred and Seventy Five only) i.e.,

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a) A sum of Rs.86,45,699.71ps under cash credit loan account with interest @10.70olo p.a with monthly rests plus 2o/o penal interest from date of application till the date of realization;

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b) A sum of Rs.13,80,551.97ps underGECL account with interest @ 9.25o/o p.a with monthly rests plus 2o/o penal interest from date of application till the date of realization;

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c) A sum of Rs.17,91,038/- under FITL account with interest @9.650/o with monthly rests^plus 2o/o^pendl interest from date of application till the date of realization;

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d) A sum of Rs.2,42,685.32ps under car loan account with interest application till the date of realization;

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and in default for sale of mortgaged property and hypothecated vehicle as described in the schedules to OA.

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As per the ave rm enl states that defendant No.1 by its proprietor/ defe ndanl ,2 lakhs

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(OA.No.43 of 2024)

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on 27.05.20L5. The defendants again availed additional cash credit of rs.50.00 lakhs on 02.02.2017 and executed necessary security documents. The defendant no.2 mortgaged the schedule property by depositing the original title deeds doc no.292l/20L5, 2822/20L5 and 3540/20L5. The defendants availed GECL loan of Rs.14,50,000/-on 30.06.2020 and extended the security over immovable property mentioned in the schedule to OA. The defendants also availed FITL loan of Rs.17,51,000/- on L8.09.2021. subsequently the defendants availed car loan of Rs.9,92,000/- on t7.02.20L7 and executed necessary documents. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 30.04.2023 and issued notices. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on 18.03.2024.

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Shri A. Venkat Reddy, Officer of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as

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Ex.A.1 to A.58.

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Heard the Ld. Counsel

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? ? i:j, ltp,l

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(OA.No.43 of 2024)

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The point that arise for consideration is whether the Applicant Bank is entitled for the claim made in the OA against the Defendants as prayed for?

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Defendants called absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.5g. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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B. In the result, the present OA is allowed with costs, as under:

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.1,2O,5g,g7S/- (Rupees One Crore Twenty Lakhs Fifty Nine thousand Nine hundred and Seventy Five only) i.e.,

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a) A sum of Rs.86,45,699.7Lps under cash credit loan account with interest @10.70olo p.a from date of application till the date of realization;

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b) A sum of Rs.13

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@ 9.25o/o^p.a ,, realization; '(;

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(OA.No.43 of 2024)

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c) A sum of Rs.17,91,038/- under FITL account with interest @ 9.650/o from date of application till the date of realization;

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d) A sum of Rs.2,42,685.32ps under car loan account with interest @ 9.25olo from date of application till the date of realization;

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The Applicant bank is entitled to proceed against the mortgaged property and hypothecated vehicle as described in schedule to OA towards realization of the debt due.

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The Applicant Bank is also entitled to proceed against the person and properties of defendant No.2 and properties of defendant no.1 firm towards realization of the debt due.

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The Applicant Bank is entitled to the costs of the OA.

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The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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Issue Recovery certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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(Dictated ' to tlie P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 22'd day of April'2024)

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Bank of India v. M/S. Be Real Bevarages

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S. Be Real Bevarages

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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